Mall of American Retail Bankruptcy
This map depicts some of the biggest retail bankruptcy cases since 2008, and how many stores they operated at the time of their bankruptcy filing. The current economic downturn has been particularly harsh on retail shops, causing big brands like Eddie Bauer, Circuit City, K-B Toys and Linens n' Things to file bankruptcy. Holiday sales, which can be 40 percent of a store's annual sales, have been down in recent years. Many of these stores reorganized, but others were forced to shut down entirely and close all of their shops.
Falling Into Medical Bankruptcy.
Medical bills are the cause of more than 60 percent of all bankruptcy filings in the United States. These unexpected, expensive and often long-term costs can cause serious financial hardships even for the employed and insured. To help protect yourself from filing bankruptcy, learn how medical bills and debts can quickly spiral out of control and leave you financially hurting.
Bankruptcy Filings Carry US Jobs Away.
On the verge of the recession business bankruptcy rates and national unemployment levels were steady. But in late 2007, these numbers quickly began to inflate. Businesses across the country filed bankruptcy and in the process, carried away millions of American jobs.
Who is Filing Bankruptcy?
Who is filing bankruptcy? In 2008, more than 1 million filed for bankruptcy protection. This sharp graphic takes a close look at the demographics behind those numbers to give us a clear view of who is being affected by the economic downturn.
Filing Bankruptcy Reshapes America.
The effects of the recession have been felt in every state, not every economic indicator is felt the same. While states like California and Michigan may get attention for the sheer volume of bankruptcies and other bad news, looking at the per capita bankruptcy rate paints a different picture. This surprising map shows the state resized to reflect total bankruptcy filings from 2008-2009 per 1,000 residents.
How Health Care Affects Filing Bankruptcy.
Over the last 30 years, medical costs increased significantly faster than other necessities. Thirty years ago, medical costs were on par with housing, food and energy. But while the costs of those basic items grew at about the same rate, the cost of health care quickly outpaced its peers. In some decades, the Consumer Price Index for medical care grew at double the rate of other essential items. Today, the CPI of medical care is 75% higher than the second fastest growing item. As these costs rose, so did the number of Americans filing bankruptcy.
Foreclosure and Bankruptcy in America.
The first half of 2009 was full of economic bad news. In that six month period, a home entered foreclosure every 10 seconds. Meanwhile, a bankruptcy petition was filed every 22 seconds. Together, these statistics show a staggering amount of trouble for American consumers. What’s worse, these numbers continued to rise throughout 2009, even as the recession was declared officially over.